1995-006-Execute A Grant Deed To The Federal Deposit Insurance Corporation For Property Located At 1673 East 4Th Street, Pittsburg, CaliforniaRESOLUTION 1995 - 6
. ESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AUTHORIZING THE MAYOR TO EXECUTE A GRANT DEED TO THE
>ERAL DEPOSIT INSURANCE CORPORATION FOR PROPERTY LOCATED
AT 1673 EAST 4TH STREET, PITTSBURG, CALIFORNIA
WHEREAS, the Federal Deposit Insurance Corporation has filed suit in U.S. District
Cou ;t for the Northern District of California seeking judicial foreclosure of its deed of trust
on the property located at 163 E. 4th Street in Pittsburg, California; and
WHEREAS, the Town of Los Gatos acquired title to that property in its own
foreclosure action in 1991; and
WHEREAS, the market value of the property is significantly less than the value of
the FDIC note against the property and the property taxes and assessment that are due; and
WHEREAS, settlement of the litigation has been approved in closed session of the
Council and execution of a deed from the Town to the FDIC will resolve the matter without
expense to the Town; and
WHEREAS, the settlement agreement provides that the FDIC will be responsible for
and assessments that are now due on the property.
RESOLVED:
1. The Mayor is authorized to execute a grant deed as approved as to form by
the Town Attorney to convey the property at 163 East 4th Street, Pittsburg, California, to
the Federal Deposit Insurance Corporation.
2. This conveyance is contingent on the execution of the underlying settlement
lent by the FDIC.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Los Gatos, California, held on the 3rd day of January, 1995 by the following vote.
COUNCIL MEMBERS:
ATTEST:
Randy Attaway, Joanne Benjamin, Steven Blanton, Linda Lubeck
Mayor Patrick O'Laughlin
None
None
None
SIGNED:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
CLERK OF THE TOWN OF LOS GATOS
LOS;; GATOS, CALIFORNIA
PA